What is the name of your state (only U.S. law)? Indiana
My father died recently. He owned a Merrill Lynch insurance policy that insured my mother's (still living) life. Who now owns that policy?
Mom is dad's beneficiary. A ML rep tells me that because my mother is the insured, she cannot own the policy. Does that sound correct? The policy has a cash value of about $70k and mom could use the money.
My father died recently. He owned a Merrill Lynch insurance policy that insured my mother's (still living) life. Who now owns that policy?
Mom is dad's beneficiary. A ML rep tells me that because my mother is the insured, she cannot own the policy. Does that sound correct? The policy has a cash value of about $70k and mom could use the money.